Alyssa Davidson
Posted: November 12, 2024 2:06 AM Updated: November 12, 2024 2:06 AM
Correction and fact check date: November 12, 2024, 2:06 AM
briefly
BounceBit has expanded its asset offerings to include ETH, BNB, and SOL and modified its subscription and redemption rules following the V2 migration.
BounceBit, a Bitcoin re-staking platform, has announced several updates following its migration to V2. In addition to the USDT and BTC available in V1, the platform has expanded its asset offerings to include ETH, BNB, and SOL (BSC). All of these assets are now available for both automatic and manual staking options, and users no longer need to link their funds to the BounceBit chain. However, locked staking options are limited to USDT and BTC until enough data is collected to support other assets. Additionally, USDT deposits are now weighted 2x.
The platform has also revised its subscription and redemption rules. These changes include lower minimum deposit requirements, faster withdrawals, daily rebases, and daily profit updates to improve the overall user experience. With further developments, BB rewards are now distributed as stBB tokens, which automatically generate an expected return of ~16% APY.
To celebrate the launch of V2, BounceBit will also host a “BB Festival” offering special rewards and improved returns. This event offers increased APY for CeDeFi V2 positions and USDT deposits will continue to be weighted 2x during the promotion period.
As part of the event, over 1 million BB tokens will be distributed to the first 2,000 users who subscribe to CeDeFi with $10,000 or more. Additionally, for every 200 users in ranks 1 to 10, you will receive a bonus reward of 1,000 BB or 100 bonus tokens depending on your rank. Additionally, all new subscribers in the first month of V2 will be eligible to participate in a lucky draw on December 24, where prizes ranging from 100BB to 10,000BB will be awarded at random.
What is BounceBit V2?
BounceBit is a growing blockchain platform that operates as a layer 1 network with multiple features designed to bridge the gap between decentralized finance (DeFi) and centralized finance (CeFi).
The launch of BounceBit V2 represents a notable upgrade to both the CeDeFi platform and BounceClub, aimed at improving the overall user experience within the BounceBit ecosystem. This update restructures the existing framework, introducing new tools and features that simplify financial processes for both individual users and institutions. The main focus of V2 is to increase usability, improve operational efficiency, and integrate CeFi with DeFi elements to provide a seamless and intuitive experience for all users.
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About the author
As a dedicated journalist at MPost, Alisa specializes in the broad areas of cryptocurrencies, zero-knowledge proofs, investing, and Web3. With a keen eye for new trends and technologies, she provides comprehensive coverage to inform and engage readers about the ever-evolving digital financial landscape.
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Alyssa Davidson
As MPost’s resident journalist, Alisa specializes in the broad areas of cryptocurrencies, zero-knowledge proofs, investing, and Web3. With a keen eye for new trends and technologies, she provides comprehensive coverage to inform and engage readers about the ever-evolving digital financial landscape.
more articles